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West Virginia Introduces the 2010 Amendments to UCC Article 9

The West Virginia Legislature introduced bills to enact the 2010 Amendments to U.C.C. Article 9 on Friday, January 20, 2012. The bills, Senate Bill 374 and House Bill 4152, are identical. Both bills adopt the Alternative A “Only If” approach for individual debtor name sufficiency in Section 9-503(a)(4). If enacted, the law will take effect on the uniform effective date of July 1, 2013.

Curiously, theWest Virginiabills omitted any changes to Section 9-521. Current W.Va. Code § 46-9-521 incorporates images of the 1998 form versions set forth in the official text of Revised Article 9. If the bills are enacted as currently drafted, then the 1998 versions would remain the safe harbor forms. However, filing offices are free to adopt other form versions, including those approved for the 2010 Amendments.

Both bills include some minor, non-substantive departures from the official text of the 2010 Amendments. The text may be amended during the legislative process, so CSC will continue to provide updates of any significant developments with these bills and all state Article 9 legislation.